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Conf  Pam  12mo  #260 


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Report 

of 

Select 

Committee.] 

[Ses. 

1862- 

-'63. 

Reported  by  Joint  Select 

Committee. 

W.  W. 

Holden,  Printer  to  the  State. 

•»4i  v..l 


ORT  OF  JOINT  SELECT  COMMITTEE. 

The  Joint  Select  Committee,  to  whom  was  referred  a  com- 
munication from  his  Excellency,  the  Governor,  relative  to  the 
contemplated  seizure  of  iron  on  the  Wilmington,  Charlotte 
&  Rutherford  Railroad,  have  considered  the  same,  and  re- 
port, that  by  an  act  to  amend  the  charter  of  the  Wilmington, 
Charlotte  &  Rutherford  Railroad  Company,  in  1858-'9,  the 
Public  Treasurer  was  authorized  to  issue,  and  dispose  of  for 
money,  the  coupon  bonds  of  the  State  of  North-Carolina, 
bearing  six  per  cent,  interest,  the  principal  payable  at  the  end 
of  thirty  years  from  date,  and  the  coupons  of  interest  payable 
semi-annually,  at  such  time  and  place  as  might  be  directed 
by  the  public  Treasurer,  for  the  purpose  of  raising  funds  to  be 
loaned  to  the  Wilmington,  Charlotte  &  Rutherford  Railroad 
Company.  That  the  Wilmington,  Charlotte  &  Rutherford 
Railroad  Company,  before  receiving  any  aid  from  the  public 
Treasurer,  were  required  to  deliver  to  the  public  Treasurer 
the  coupon  bonds  of  said  company,  bearing  the  same  interest 
and  date,  the  principal  and  coupons  payable  at  the  same  time 
and  place  as  those  of  the  State  hereinbefore  directed  to  be  is- 
sued and  disposed  of;  and,  to  secure  the  principal  and  inter- 
est of  said  bonds,  issued  by  the  Wilmington,  Charlotte  & 
Rutherford  Railroad  Company,  the  State  of  North- Carolina 
was  to  have  a  lien  upon  all  the  estate  of  said  company,  real 
and  personal,  which  the  company  then  owned,  or  might  af- 
terwards acquire,  between  the  towns  of  Wilmington  and  Ruth- 
erford, including  the  property  at  both  points,  together  with 
all  the  rights,  franchises  and  powers  thereunto  belonging,  or 
in  any  way  appertaining,  or  which  might  after  belong  or  ap~ 

P62966 


2  Report  of  Select  Committee.  [Session 

pertain  to  said  company ;  the  lien  to  have  a  preference  over 
all  other  claims. 

Your  committee  further  report,  that  a  mortgage,  in  strict 
conformity  with  the  requirements  as  above  stated,  was  execu- 
ted and  delivered,  as  they  are  informed  and  believe.  That 
the  company  have  completed  the  road  for  one  hundred  miles 
West  of  the  Cape  Fear  river ;  and  that  it  is  important  for  the 
company,  and  for  the  public,  that  the  road  be  finished  as 
speedily  as  possible  to  Rockingham,  the  county  seat  of  Rich- 
mond, where  produce,  &c,  can  be  deposited.  From  the  best 
information  your  committee  can  procure,  there  remains  to  be 
completed  to  Rockingham,  about  ten  miles,  which  will  con- 
sume, as  your  committee  are  informed,  the  iron  which  the 
company  has  on  hand,  and  which  the  Confederate  Govern 
ment  threatens  to  seize.  That  the  iron  not  laid  down  is  at  the 
Western  end  of  the  road,  and  to  take  it  to  Wilmington  will 
prevent  the  company  from  complying  with  a  contract  it  has 
with  the  commissioner  of  the  State  who  is  engaged  in  making 
salt ;  which  will  result  in  great  loss  to  the  State,  and  be  a  se- 
rious inconvenience  to  the  people.  That,  by  virtue  of  the 
mortgage,  the  legal  title  of  the  road,  and  the  property,  chat- 
ties, &c,  incident  thereto,  is  in  the  State  of  North-Carolina, 
and  your  committee  believe,  and  so  state,  that  the  Confed- 
erate Government  have  no  right  to  seize  the  iron  not  laid 
down,  or  any  part  thereof. 

The  committee  submit  the  following  resolutions : 

1.  Resolved,  That  the  Confederate  Government  have  no 

2  right  to  seize  the  iron,  or  any  part  thereof,  not  laid  down, 

3  in  the  possession  of  the  Wilmington,  Charlotte  &  Ruther- 

4  ford  Railroad  Company,  and  we  do  hereby  enter  our  pro- 

5  test  against  any  act,  on  the  part  of  the  Confederate  Gov- 

6  ernment,  to  seize  the  same. 

2.  Resolved,  That  his  Excellency,  the  Governor,  be  re- 

2  quested  to  transmit,  if  necessary,  to  the  Secretary  of  War 

3  this  report,  and  to  insist  that  the  iron  alluded  to  shall  not 

4  be  seized  and  taken  from  the  company  and  State. 

W.  B.  WRIGHT,  Chmmicvn. 


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